Entry & Registration
There is no entry fee.
Entry registration via Reviewr must be received by March 3rd, 2017 at 11:59 PM EST.
Entries may be submitted by individuals, partnerships or corporations.
Entrants must incorporate their startup company in order to be eligible for the $100,000 investment.
Each individual Entrant may enter one idea. The idea must involve a plan to commercialize a new product or service.
Entries must be accurate and complete.
Northumberland CFDC may request additional documentation and substantiation.
Entrants must disclose any funding already received at the time of registration. Any source of funding that has an equity ownership component must be disclosed.
When registering for the N100 Startup Competition, the Entrant must warrant that they are not and will not be violating any contract or third party rights including any patent, copyright, trade secret, proprietary or confidential information, trademark, publicity or privacy right. Additionally the Entrant must warrant that they are not currently the subject of litigation before a court, tribunal, government board or agency, or that there is a threat of such litigation. The Entrant must also warrant that there are no unexecuted judgment(s) registered against the Entrant and that the Entrant has not been petitioned into bankruptcy and there are no writs registered against the Entrant or any of its shareholders.
The Northumberland CFDC reserves the right to disqualify any entry that, in its sole judgment, violates the letter or the spirit of the N100 Startup Competition guidelines, processes and rules.
The decisions of Northumberland CFDC are final and binding.
The identities of the Entrants and the short description of the business disclosed in the registration, as well as any pitch delivered during any N100 event, are considered of public domain and can be used by the Northumberland CFDC for marketing and publicity purposes.
Before submitting entries, the Northumberland CFDC urges Entrants to confirm with appropriate advisers or legal counsel that any intellectual property described in their summary is protected; i.e., by appropriate intellectual property filings, notices, (patent, copyright, etc.). Concerning intellectual property, Northumberland CFDC advises Entrants to seek independent legal counsel.
All N100 Startup Competition applications submitted by Entrants must be received by no later than March 3rd, 2017 at 11:59 PM EST.
All Entrants will be notified by April 6th, 2017 whether or not they have been selected for advancement to Round 1: The Pitch.
Round 1: The Pitch
Pitch Contest Date: May 17th, 2017.
Out of the set of all applications received, approximately 10 Entrants (the Finalists) will be invited to make their pitch directly to the N100 Power Panel in person at the N100 Pitch Contest. Finalists must appear in person at Victoria Hall, Cobourg to make a presentation before a live studio audience. Entrants will have 3 minutes to present their idea with a 5-10 minute Q&A to follow. Order of presentation will be alphabetical based on the startup names of the Finalists. No props or similar visual aids may be used. Violations of this rule will result in disqualification. Based on their pitch, of the approximately 10 Finalists, 5 will be selected by the N100 Power Panel to advance to Round 2: Business Planning.
N100 Pitch School workshops will be held on April 11th and 12th, 2017 during which Entrants will take part in workshops to help them prepare for the Pitch Contest. Attendance at Pitch School is mandatory and failure to attend will result in disqualification.
Round 2: Business Planning
Begins: May 18th, 2017.
During this round, 5 Entrants will work directly with Northumberland CFDC to develop a concise business plan and marketing strategy. Fully substantiated and up-to-date business plans must be submitted to Northumberland CFDC by 12 PM EST on June 2nd, 2017. Northumberland CFDC’s Investment Committee of the Board of Directors will evaluate business plans based on the following established criteria:
- large addressable market
- growth potential/scalability
- competitive advantage
- an excellent, credible team who will roll up their sleeves and make things happen
- the potential to impact job creation, economic development and future prosperity in Northumberland
Northumberland CFDC reserves the right to seek the independent, confidential opinion of third party experts regarding the feasibility of the business plan.
Of the 5 Entrants who submitted business plans, 3 will be selected to make formal presentations to the Northumberland CFDC Board of Directors on June 21st, 2017. These presentations shall be nor more than 30 minutes in length followed by a Q&A period lasting approximately 30 minutes. In order to support the Top 5 Entrants, Northumberland CFDC will hold a board room presentation skills workshop on June 2nd, 2017 and board room simulations on June 6th, 2017.
Round 3: Negotiation
Begins: June 16th, 2017.
Rather than being awarded a “cash prize”, the Top 3 Entrants are competing for a $100,000 investment deal negotiated directly with Northumberland CFDC. Entrants must incorporate (or have previously incorporated) a company in order to be eligible for investment.
The investment deal will normally take on the following form:
- Amount: $100,000
- Type: Convertible debenture
- Interest: 8%
- Discount: 20%
- Conversion: At the option of Northumberland CFDC after future significant financing event
The investment will normally be in the amount of $100,000 and will take the form of a convertible debenture paying interest at 8% interest per annum. The principal and any accrued interest owed pursuant to the debenture will be convertible into shares of the Company at the sole option of Northumberland CFDC. The conversion rate will be calculated based on the price per share paid in the event of an equity financing or fair market value of the Company in the event of a debt financing and the price per share shall be discounted by 20%.
Northumberland CFDC may require additional documentation and substantiation of the Entrant’s original application, investment proposal, business plan or other submissions.
Northumberland CFDC does not guarantee any amount of investment to Entrants in the N100 Startup Competition.
The N100 Power Panel is comprised of experts in early-stage investment, technology entrepreneurship and intellectual property and business law.
The Power Panel:
- serves in an ad hoc advisory capacity to Northumberland CFDC throughout the N100 Startup Competition
- interacts directly with Entrants (in particular, at the N100 Pitch Contest event)
- is responsible for selecting the approximately 10 Finalists who will be invited to the Pitch Contest, and of those approximately 10 Finalists, the Power Panel will select the Top 5 to advance to Round 2.
Northumberland CFDC Board of Directors and Investment Committee
The Investment Committee of the Board of Directors of Northumberland CFDC will select the Top 3 Entrants from business plans received from the Round 2 Top 5 Entrants. The Board of Directors, following full presentations from the Top 3 on June 21st, 2017, will decide how to proceed with Round 3: Negotiation, and, ultimately, investment of the $100,000. Northumberland CFDC will declare the winner of the annual N100 Startup Competition.
All Entrants are asked to participate in media and press opportunities related to the N100 Startup Competition. This includes, but is not limited to, the following opportunities:
- Any Entrant may be asked to provide a 150-200 word description that will be made available to media and may be released publicly, either in part or in its entirety.
- Any Entrant may be asked to speak to the media for competition-related interviews when requested by the organizing committee.
- Any Entrant may be asked to provide quotes and/or content for any competition related press releases. Participating in media and press opportunities in no way, shape, or form requires teams to disclose any proprietary or otherwise confidential information related to their businesses. Northumberland CFDC agrees to provide consultation to any Entrant, upon request, to avoid such disclosures while participating in press related opportunities, should the Entrant express their desire for such consultation and support relative to their intellectual property.
N100 Startup Competition Entrants agree that they will not use the name of “Northumberland CFDC”, “Northumberland Business Development Assistance Corp.”, “Northumberland Community Futures Development Corporation”, “N100″ or any variation, adaptation, or abbreviation thereof, or any trademark owned by Northumberland CFDC in any advertising or publicity without the prior written permission of Northumberland CFDC.
Northumberland CFDC makes no representations or warranties of any kind concerning the N100 Startup Competition, express or implied. In no event shall Northumberland CFDC be liable for any advice, information or decision made for or on behalf of the N100 Startup Competition or for incidental or consequential damages of any kind, including economic damages or injury to property and lost profits, regardless of whether Northumberland CFDC shall be advised shall have other reason to know or in fact know of the possibility of the foregoing.
Northumberland CFDC reserves the right to update the Rules of the competition at any time. It is the responsibility of each and every Entrant to be aware of any updates, although Northumberland CFDC will endeavour to ensure that all participants are advised of any changes made to the Rules, which will be published online and notice will be given on www.n100.ca, the official N100 website. In the event that there is any disagreement between the preceding Rules and any other documents, the Rules published here will prevail.